Talk about controversy- selling with ComFree or selling via MLS Regina. On either side of the fence your opinions about selling property, real estate agents and paying commission can be easily justified. I don’t disagree with people who sell privately. In fact, I have very close friends who have chosen to sell without a real estate agent and I’ve provided them tips on how to succeed. Sometimes selling privately is the only option.
What I do disagree with is the stigma that is attached to people who sell by themselves AND to those who utilize the services of real estate agents. I sense some sort of criticism that feels like the census is that neither party is better off or that both parties are simply uneducated. Lack of information might be a reason someone would chose one listing platform over the other. So, lets clear the air!
I prepared a list of issues- or objections that sellers come across when deciding to sell privately or sell with the help of a real estate agent. I have provided some non biased information (to my best of my knowlegable ability) to further explain the position of both ComFree and MLS Regina.
Where will the listing be viewed by potential buyers the most?
MLS Regina
according to CREA Realtor.ca Report (2016), Realtor.ca received 588 million desktop views and 398 million mobile views totalling 82 million views a month.
ComFree
According to ComFree, the ComFree website receives 5 million views a month.
Extra Explanation
neither ComFree or the CREA Realtor.ca report disclose where in Canada the views are located, so you will have to be the judge of which platform you think gets the most online exposure.
Which service will sell the listing faster?
MLS Regina
Average days on market for listings on MLS depending on the time of year. In December, the DOM was 54 days. In the spring/summer months the DOM is closer to 30 days.
ComFree
ComFree states that it takes about 2.5 months to sell a house and closer to 9 months for a condo, given market conditions.
Extra Explanation
Regardless of the platform, if the home is priced for what its worth and is exposed to a qualified buyer audience, it should sell within a reasonable time.
Does no commission mean no protection?
MLS Regina
Sellers who sell with MLS Regina are required to disclose any known defects about the property and are required to provide accurate information about the property. Real estate agents are knowledgeable and versed regarding legal disclosures, compliance issues, dealing with buyer’s defaulting and mortgage discrepancies.
ComFree
Private sellers are required to disclose all known defects within the property and are required to display listing information about the property accurately.
Extra Explanation
There is risk with or without commission. The difference is that most private sellers aren’t as knowledgeable about all aspects of the process and legalities as real estate agents.
Without a Realtor, a seller won’t be able to determine a correct asking price?
MLS Regina
Real estate agents provide market analyses based on comparable sold homes in the area, as a part of their service to the seller.
ComFree
ComFree has a relationship with an accredited appraisal company that provides desktop appraisals for sellers who want help determining their asking price. Seller’s are also able to source their own local appraisers.
Extra Explanation
A desktop appraisal performed by ComFree’s contracted company could be inaccurate because the person(s) performing the appraisal have never seen the to-be-listed property or sold properties in person. Having not seen the properties in person means that a proper understanding of the condition and/or location of the home can not be accurately determined by this company.
Having an appraisal provided by a local appraisal company or real estate agent would be a much better provider for an accurate assessment of the homes market value. Having an appraisal AND a market analysis performed by both service providers would be the best way to determine a home's value.
Are private sellers unable to handle/understand the legal aspects of the home sale?
MLS Regina
The Canadian Real Estate Association is a highly respected and regulated organization. The forms used for the purchase and sale of a property are reviewed and edited on a yearly basis. There are disciplinary committees, forms committees, and many other industry contributors. The Offer to Purchase coordination between agents, offices and the clients; as well as the overall real estate transaction and its members are very seriously regulated. The quality of service and information provided by the Canadian Real Estate Associations members is important to the regulators.
ComFree
ComFree advertising states that "filling out an Offer to Purchase isn’t rocket science." Seeking advice from a lawyer and asking for logical advice from a ComFree representative will suffice as far as understanding the legal requirements of selling a home.
Extra Explanation
Real Estate Agents who are active registrants must take 4 exams prior to becoming registrants. The exam material focuses’ heavily on the forms and legalities of trading real estate. Registrants are also required to take yearly Continued Professional Development exams and the registrants license is suspended if the continued education is not completed. Real Estate Agents will incur fines if ruled that they broke a law OR didn’t treat a party fairly.
Is it more work to sell privately?
MLS Regina
Selling via MLS Regina requires as much preparation to get the home ready for sale as the seller see’s fit.
ComFree
ComFree states the average person spends about 30 hours to sell their home.
Extra Explanation
Private sellers handle all their own advertising, showing appointments and scheduling. Sellers who list with MLS Regina outsource everything except getting the home ready for showings when they are scheduled.
Which seller will lose more money?
MLS Regina
Property listed with MLS Regina is listed by a real estate agent with a list price and commission that is agreed upon by the seller. The home does not sell without the seller approving the sale price.
ComFree
ComFree states that the home will sell for as much as the buyer is willing to pay for it.
Extra Explanation
With or without a real estate agent, the seller determines the final sale price and before the home is even listed, approves the amount of commission paid.
When you get right down to it, neither platform is better than the other. Selling using a real estate agent has proven to be very successful over the last 50 years and ComFree has been around since 2006. Sellers who chose to use a real estate and sell on MLS Regina approve the commissions paid and the sale price. They have the help and advocacy of real estate agents, while sellers who sell privately are sadly are left to take care of all the logistics themselves. I'd say that as a real estate agent, the major difference which can be important to some people is the experience that Realtors have when selling a property. They understand the legal aspects, they understand the mortgage process and the conditional offer process.
Ultimately, I am not here to tell you to list or sell on MLS Regina or ComFree Regina. I would love to talk about selling on MLS, and I would be happy to discuss what you can expect while selling on ComFree.
Contact Us Today
If you have questions about selling privately or with MLS Regina, give me a call at 306-552-7047 or send me an email. I am happy to assist.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.